S.Africa's Transnet CEO Portia Derby steps down

South Africa's Transnet on Friday said Chief Executive Officer Portia Derby will leave the state-owned logistics firm at the end of October, after three years in the post. The process to find a new permanent group CEO is underway, the company said.

South Africa's Transnet on Friday said Chief Executive Officer Portia Derby will leave the state-owned logistics firm at the end of October, after three years in the post. Transnet's group financial director Nonkululeko Dlamini also left the company effective Friday, it said in a statement.

Michelle Phillips, head of Transnet's pipeline unit, will be the group's interim CEO from Nov. 1. The process to find a new permanent group CEO is underway, the company said. Transnet, whose flagship freight rail service has struggled due to the shortage of locomotives and spares as well as cable theft and vandalism of its infrastructure, slumped to a 5.7 billion rand ($302.07 million) loss in the year ended March 31.

($1 = 18.8698 rand)